Keeping money in the UK

[Guest ajbritton]

Hi

 

We are Adelaide bound towards the end of August (yay!) and I'm frantically trying to sort out how to handle the proceeds from the sale of our house.

 

I had planned to spread the money around several UK savings accounts until such times as I needed the money in Oz to buy a house. Most of the accounts paying high interest say that they are only open to UK residents though - not surprising I suppose.

 

I was wondering how others had approached the handling of house sale monies and timing of the transfer to Oz...

 

Cheers,

 

Andy

[Guest vikkiann]

When we moved we decided this is our life and transferred all of the proceeds from our house sale. We did think about leaving it in a uk account and wait to see if the rate improves but it hasn't for a while so decided just to have it all here. We are getting 5.25% on our account but you could probably get more, we just wanted it to be instant access

[Guest dean berridge]

Hi we are in the same situation ourselves and am looking to keep my money in the uk as the dollar is still really strong against the pound, the only problem with leaving the money in uk is declaring the interest to the tax man, not to sure how much of a headache that would be, but i have opened and account with money corp in uk and nab in Oz who do free transfers. My thought is if we transfer our savings over at present and then don't settle (not trying to sound negative) it could be a costly exercise!! I am hoping that with Chinas economy slowing right down it might reflect on the dollar? I am mainly concentrating on getting over and enjoying the fist month with family:)

[Guest RobJ1978]

Hi. we came over in april and were allowed to keep our uk savings ac til september as our house sale finished when we were here. someone has said it would be more worthwhile putting it into a high savings ac here, will do that soon.x.

[doodles]

Hi we have been here 2 years now and still have our house sale money in the uk in the Halifax which they have our australian address and phone number so is perfectly legit. They also have 24 hour online banking clerks which is really easy to access.

[oldham poms]

nationwide building society will use an australian address and use online banking

[jtct]

We transferred all our money to Australia asap - the good interest made up for poor exchange rate and it was just as well we got it over quickly - we bought a house 2 weeks after we arrived! (Not as fool-hardy as it sounds, we had been visiting Adelaide annually for the last 6 years and knew where we wanted to settle to be near to, but not right on top of, the family)

 

Not sure if we would do the same now as the exchange rate has gone down 15% since then. Not an easy descision but a good financial advisor may be worth seeking out.

 

Our UK pensions are paid into a UK bank account and transferred out here quarterly